Starlink Hits 63% EBITDA Margins as V3 Promises 100x Capacity
Starlink’s EBITDA reached $7.2 billion in 2025, with an adjusted margin of 63% a remarkable figure for a capital-intensive infrastructure business deploying satellites at scale. For context, Comcast, which has provided cable broadband to 32 million American subscribers for decades, runs EBITDA margins in the mid-30s. AT&T sits around 35%. Starlink, which only commercially launched in 2020, has already lapped both.
The structural reason is one that ground-based telecoms simply cannot replicate. Once the constellation exists, each new subscriber adds revenue at near-zero marginal cost operating income grew 120% while revenue grew 50% year-over-year. That EBITDA margin climbed from 41% in 2023 to 50% in 2024, reaching 63% in 2025 and the first quarter of 2026 came in near 64%.
A Cash Machine With 100x More Capacity Still Incoming
The subscriber base is scaling just as fast. Starlink served 10.3 million subscribers across 164 countries as of March 2026, supported by approximately 9,600 broadband and mobile satellites in low-Earth orbit. Analysts project 2026 revenue at roughly $20 billion meaning, at sustained 60-plus percent margins, approximately $12 billion in EBITDA.
None of that accounts for what is coming next. Each V3 satellite carries 10x the bandwidth of a V2 unit, and SpaceX plans to launch more than 10x as many, putting the aggregate network capacity gain at over 100x. V3 satellites will also operate at a lower orbital altitude of 350km instead of 550km, cutting round-trip latency roughly in half potentially below 5ms, rivalling most wired broadband connections.
The infrastructure is already built and already profitable. V3 does not rebuild the economics it multiplies them.
